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The Solar Energy Market size was valued at USD 197.41 billion in 2023 and is expected to grow to USD 748.99 billion by 2032 and grow at a CAGR of 15.97 % over the forecast period of 2024-2032.
The sun is a fantastic renewable resource that has the ability to maintain life on earth and give all of its people access to clean, sustainable energy. In fact, the sun sends more energy to our planet in a single hour than the entire world's population uses in a whole year. Electricity may be created from solar energy by use of solar energy is captured by PV modules, which then transform it into an electrical current that may be used. The fact that the sun shines everywhere makes solar energy practical. Solar electric systems may be independent of grid power since solar can be combined with batteries for energy storage.
KEY DRIVERS:
Developing nations increasing investments in the solar industry to meet their green energy objectives.
Growing Use of Renewable Energy Sources
Considered to be the best feasible substitute for traditional power sources like coal and oil, renewable energy sources assist minimise carbon emissions and serve as an affordable supply of daily electricity. Presently, over 29% of the power produced worldwide comes from renewable sources. In the approaching years, it is anticipated to increase significantly and expand the market. Solar PV will have an installed capacity of 842.14 GW by the end of 2021, making it the second-largest renewable energy source after wind.
RESTRAIN:
Lack of infrastructure
high investment
Solar PV installation is more expensive overall than setting up conventional solar panels, which may limit its use in homes with relatively moderate energy consumption. 15 ground-mounted solar panels with a rating of It would cost $14,625 for 300 watts. Since the solar structure would raise the cost of each solar panel by USD 500, the solar power generating system would be used less frequently. Another thing preventing investments in this market is a lack of infrastructure. The growing preference for solar PV over traditional grid electricity due to public understanding of its advantages might impede industry expansion.
OPPORTUNITY:
Increasing public knowledge of solar energy's environmental advantages
Integration of New Technologies Will Offer Significant Growth Potential
Artificial intelligence's enhanced prediction skills are enabling improved forecasting and asset management, and its automation capacity is driving operational excellence, giving stakeholders a competitive edge and cost savings.
CHALLENGES:
Lack of technological expertise
The world solar business has been significantly impacted by the Russia-Ukraine conflict. Both nations are significant players in the solar sector, with Russia and Ukraine each contributing around 3% and 8%, respectively, of worldwide output. Prices for both raw materials and finished goods have increased, disrupting many firms' supply chains. Since both nations are key players in the wind and solar sectors, the war has also had a significant negative impact on the renewable energy industry. Prices for both raw materials and completed goods have increased significantly as a result of the fighting, which has also affected the supply chain for many firms. This has impacted the remainder of the renewable energy industry.
IMPACT OF ONGOING RECESSION
Solar Energy producers had various challenges during the recession that limited their capacity to expand and become profitable. Investing in renewable energy sources lost importance as people's finances shrank. As a result, manufacturers saw a decline in sales and income. The availability of finance alternatives for solar energy installations was also impacted by the recession. Consumer behaviour was also impacted by the recession, notably in the solar energy business. Consumers grew increasingly price-sensitive as a result of the impending financial uncertainties and shifted their attention from long-term investments to short-term savings. As a result, the demand for premium, high-performance batteries decreased while the demand for less expensive, lower-quality batteries soared.
By Product
Charge Controllers
Batteries
Inverter
Others
By Source
New Installation
MRO
By End-use
Residential
Commercial
Industrial
Utility
In 2022, Asia Pacific had the biggest revenue share (almost 60.22%) and dominated the world market. In terms of income, East Asia dominated the Asia Pacific area in 2022. The region has experienced significant product demand as a consequence of the desire to lessen dependency on traditional power sources and the existence of established competitors who are consistently improving their offers. Due to rising investments in renewable energy from the nations in the region, the Middle East & Africa region is predicted to develop at a substantial CAGR from 2022 to 2030. Due to the high installation costs, solar energy adoption in the region is rather limited.
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REGIONAL COVERAGE:
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
According to IRENA, India's installed solar PV capacity increased from 49.3 GW in 2021 to around 62.8 GW in 2022. This represented an increase of almost 31% year over year. India installed several solar PV systems, particularly for utility projects, which caused the growth: The Indian government has additional plans to boost the installed solar PV capacity.
In August 2022, the National Thermal Power Corporation Limited (NTPC) began operating a solar PV facility close to Hazira in Surat. With the addition of the 56 MW Kawas solar PV plant, NTPC's solar footprint will reach 68,454 MW of collectively installed and commercial capacity. When these projects are finished, the market share for solar PV will increase.
Reliance Industries (RIL) and the Gujarat government entered into an agreement in January 2022 to spend USD 60,960 million in Gujarat over a period of 10–15 years to build 100 GW of renewable energy power plants and a green hydrogen ecosystem. Solar power plants are among the renewable energy power plants at the utility scale. RIL anticipates investing USD 7,315.2 million in establishing factories producing fuel cells, batteries, electrolyzes, and solar PV modules for planned renewable energy projects.
The Major Players are Hanwha Q Cells Co., Ltd., jinkoSolar Holding Co., Lta., SolarEdge Technologies, Enphase Energy, Inc., Canadian Solar, Trina solar, First Solar, Inc., SunPower Corporation, Vingli Green Energy Holding Company Limited, JA Solar Holdings Co. Ltd. And other players are listed in a final report.
| Report Attributes | Details |
| Market Size in 2023 | US$ 197.41 Bn |
| Market Size by 2032 | US$ 748.99 Bn |
| CAGR | CAGR of 15.97 % From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Product (Solar Panels, Charge Controllers, Batteries, Inverter, Others) • By Source (New Installation, MRO) • By End-use (Residential, Commercial, Industrial, Utility) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Company Profiles | Hanwha Q Cells Co., Ltd., jinkoSolar Holding Co., Lta., SolarEdge Technologies, Enphase Energy, Inc., Canadian Solar, Trina solar, First Solar, Inc., SunPower Corporation, Vingli Green Energy Holding Company Limited, JA Solar Holdings Co. Ltd. |
| Key Drivers | • Developing nations increasing investments in the solar industry to meet their green energy objectives • Growing Use of Renewable Energy Sources |
| Market Restraints | • Lack of infrastructure • high investment |
Ans: Solar Energy Market is anticipated to expand by 15.8 % from 2023 to 2030.
Ans: USD 550.40 billion is expected to grow by 2030.
Ans: Solar Energy Market size was valued at USD 170.22 billion in 2022
Ans: Developing nations increasing investments in the solar industry to meet their green energy objectives and Growing Use of Renewable Energy Sources
Ans: Increasing public knowledge of solar energy's environmental advantages and Integration of New Technologies Will Offer Significant Growth Potential
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of the Ukraine- Russia war
4.2 Impact of ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Solar Energy Market Segmentation, By Product
8.1 Solar Panels
8.2 Charge Controllers
8.3 Batteries
8.4 Inverter
8.5 Others
9. Solar Energy Market Segmentation, By Source
9.1 New Installation
9.2 MRO
10. Solar Energy Market Segmentation, By End-use
10.1 Residential
10.2 Commercial
10.3 Industrial
10.4 Utility
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 North America Solar Energy Market by Country
11.2.2 North America Solar Energy Market by Product
11.2.3 North America Solar Energy Market by Source
11.2.4 North America Solar Energy Market by End-Use
11.2.5 USA
11.2.5.1 USA Solar Energy Market by Product
11.2.5.2 USA Solar Energy Market by Source
11.2.5.3 USA Solar Energy Market by End-Use
11.2.6 Canada
11.2.6.1 Canada Solar Energy Market by Product
11.2.6.2 Canada Solar Energy Market by Source
11.2.6.3 Canada Solar Energy Market by End-Use
11.2.7 Mexico
11.2.7.1 Mexico Solar Energy Market by Product
11.2.7.2 Mexico Solar Energy Market by Source
11.2.7.3 Mexico Solar Energy Market by End-Use
11.3 Europe
11.3.1 Eastern Europe
11.3.1.1 Eastern Europe Solar Energy Market by Country
11.3.1.2 Eastern Europe Solar Energy Market by Product
11.3.1.3 Eastern Europe Solar Energy Market by Source
11.3.1.4 Eastern Europe Solar Energy Market by End-Use
11.3.1.5 Poland
11.3.1.5.1 Poland Solar Energy Market by Product
11.3.1.5.2 Poland Solar Energy Market by Source
11.3.1.5.3 Poland Solar Energy Market by End-Use
11.3.1.6 Romania
11.3.1.6.1 Romania Solar Energy Market by Product
11.3.1.6.2 Romania Solar Energy Market by Source
11.3.1.6.4 Romania Solar Energy Market by End-Use
11.3.1.7 Turkey
11.3.1.7.1 Turkey Solar Energy Market by Product
11.3.1.7.2 Turkey Solar Energy Market by Source
11.3.1.7.3 Turkey Solar Energy Market by End-Use
11.3.1.8 Rest of Eastern Europe
11.3.1.8.1 Rest of Eastern Europe Solar Energy Market by Product
11.3.1.8.2 Rest of Eastern Europe Solar Energy Market by Source
11.3.1.8.3 Rest of Eastern Europe Solar Energy Market by End-Use
11.3.2 Western Europe
11.3.2.1 Western Europe Solar Energy Market by Product
11.3.2.2 Western Europe Solar Energy Market by Source
11.3.2.3 Western Europe Solar Energy Market by End-Use
11.3.2.4 Germany
11.3.2.4.1 Germany Solar Energy Market by Product
11.3.2.4.2 Germany Solar Energy Market by Source
11.3.2.4.3 Germany Solar Energy Market by End-Use
11.3.2.5 France
11.3.2.5.1 France Solar Energy Market by Product
11.3.2.5.2 France Solar Energy Market by Source
11.3.2.5.3 France Solar Energy Market by End-Use
11.3.2.6 UK
11.3.2.6.1 UK Solar Energy Market by Product
11.3.2.6.2 UK Solar Energy Market by Source
11.3.2.6.3 UK Solar Energy Market by End-Use
11.3.2.7 Italy
11.3.2.7.1 Italy Solar Energy Market by Product
11.3.2.7.2 Italy Solar Energy Market by Source
11.3.2.7.3 Italy Solar Energy Market by End-Use
11.3.2.8 Spain
11.3.2.8.1 Spain Solar Energy Market by Product
11.3.2.8.2 Spain Solar Energy Market by Source
11.3.2.8.3 Spain Solar Energy Market by End-Use
11.3.2.9 Netherlands
11.3.2.9.1 Netherlands Solar Energy Market by Product
11.3.2.9.2 Netherlands Solar Energy Market by Source
11.3.2.9.3 Netherlands Solar Energy Market by End-Use
11.3.2.10 Switzerland
11.3.2.10.1 Switzerland Solar Energy Market by Product
11.3.2.10.2 Switzerland Solar Energy Market by Source
11.3.2.10.3 Switzerland Solar Energy Market by End-Use
11.3.2.11.1 Austria
11.3.2.11.2 Austria Solar Energy Market by Product
11.3.2.11.3 Austria Solar Energy Market by Source
11.3.2.11.4 Austria Solar Energy Market by End-Use
11.3.2.12 Rest of Western Europe
11.3.2.12.1 Rest of Western Europe Solar Energy Market by Product
11.3.2.12.2 Rest of Western Europe Solar Energy Market by Source
11.3.2.12.3 Rest of Western Europe Solar Energy Market by End-Use
11.4 Asia-Pacific
11.4.1 Asia-Pacific Solar Energy Market by Country
11.4.2 Asia-Pacific Solar Energy Market by Product
11.4.3 Asia-Pacific Solar Energy Market by Source
11.4.4 Asia-Pacific Solar Energy Market by End-Use
11.4.5 China
11.4.5.1 China Solar Energy Market by Product
11.4.5.2 China Solar Energy Market by End-Use
11.4.5.3 China Solar Energy Market by Source
11.4.6 India
11.4.6.1 India Solar Energy Market by Product
11.4.6.2 India Solar Energy Market by Source
11.4.6.3 India Solar Energy Market by End-Use
11.4.7 Japan
11.4.7.1 Japan Solar Energy Market by Product
11.4.7.2 Japan Solar Energy Market by Source
11.4.7.3 Japan Solar Energy Market by End-Use
11.4.8 South Korea
11.4.8.1 South Korea Solar Energy Market by Product
11.4.8.2 South Korea Solar Energy Market by Source
11.4.8.3 South Korea Solar Energy Market by End-Use
11.4.9 Vietnam
11.4.9.1 Vietnam Solar Energy Market by Product
11.4.9.2 Vietnam Solar Energy Market by Source
11.4.9.3 Vietnam Solar Energy Market by End-Use
11.4.10 Singapore
11.4.10.1 Singapore Solar Energy Market by Product
11.4.10.2 Singapore Solar Energy Market by Source
11.4.10.3 Singapore Solar Energy Market by End-Use
11.4.11 Australia
11.4.11.1 Australia Solar Energy Market by Product
11.4.11.2 Australia Solar Energy Market by Source
11.4.11.3 Australia Solar Energy Market by End-Use
11.4.12 Rest of Asia-Pacific
11.4.12.1 Rest of Asia-Pacific Solar Energy Market by Product
11.4.12.2 Rest of Asia-Pacific Solar Energy Market by Source
11.4.12.3 Rest of Asia-Pacific Solar Energy Market by End-Use
11.5 Middle East & Africa
11.5.1 Middle East
11.5.1.1 Middle East Solar Energy Market by Country
11.5.1.2 Middle East Solar Energy Market by Product
11.5.1.3 Middle East Solar Energy Market by Source
11.5.1.4 Middle East Solar Energy Market by End-Use
11.5.1.5 UAE
11.5.1.5.1 UAE Solar Energy Market by Product
11.5.1.5.2 UAE Solar Energy Market by Source
11.5.1.5.3 UAE Solar Energy Market by End-Use
11.5.1.6 Egypt
11.5.1.6.1 Egypt Solar Energy Market by Product
11.5.1.6.2 Egypt Solar Energy Market by Source
11.5.1.6.3 Egypt Solar Energy Market by End-Use
11.5.1.7 Saudi Arabia
11.5.1.7.1 Saudi Arabia Solar Energy Market by Product
11.5.1.7.2 Saudi Arabia Solar Energy Market by Source
11.5.1.7.3 Saudi Arabia Solar Energy Market by End-Use
11.5.1.8 Qatar
11.5.1.8.1 Qatar Solar Energy Market by Product
11.5.1.8.2 Qatar Solar Energy Market by Source
11.5.1.8.3 Qatar Solar Energy Market by End-Use
11.5.1.9 Rest of Middle East
11.5.1.9.1 Rest of Middle East Solar Energy Market by Product
11.5.1.9.2 Rest of Middle East Solar Energy Market by Source
11.5.1.9.3 Rest of Middle East Solar Energy Market by End-Use
11.5.2 Africa
11.5.2.1 Africa Transfusion Diagnostics Market by Country
11.5.2.2 Africa Solar Energy Market by Product
11.5.2.3 Africa Solar Energy Market by Source
11.5.2.4 Africa Solar Energy Market by End-Use
11.5.2.5 Nigeria
11.5.2.5.1 Nigeria Solar Energy Market by Product
11.5.2.5.2 Nigeria Solar Energy Market by Source
11.5.2.5.3 Nigeria Solar Energy Market by End-Use
11.5.2.6 South Africa
11.5.2.6.1 South Africa Solar Energy Market by Product
11.5.2.6.2 South Africa Solar Energy Market by Source
11.5.2.6.3 South Africa Solar Energy Market by End-Use
11.5.2.7 Rest of Africa
11.5.2.7.1 Rest of Africa Solar Energy Market by Product
11.5.2.7.2 Rest of Africa Solar Energy Market by Source
11.5.2.7.3 Rest of Africa Solar Energy Market by End-Use
11.6 Latin America
11.6.1 Latin America Solar Energy Market by Country
11.6.2 Latin America Solar Energy Market by Product
11.6.3 Latin America Solar Energy Market by Source
11.6.4 Latin America Solar Energy Market by End-Use
11.6.5 Brazil
11.6.5.1 Brazil America Solar Energy Market by Product
11.6.5.2 Brazil America Solar Energy Market by Source
11.6.5.3 Brazil America Solar Energy Market by End-Use
11.6.6 Argentina
11.6.6.1 Argentina America Solar Energy Market by Product
11.6.6.2 Argentina America Solar Energy Market by Source
11.6.6.3 Argentina America Solar Energy Market by End-Use
11.6.7 Colombia
11.6.7.1 Colombia America Solar Energy Market by Product
11.6.7.2 Colombia America Solar Energy Market by Source
11.6.7.3 Colombia America Solar Energy Market by End-Use
11.6.8 Rest of Latin America
11.6.8.1 Rest of Latin America Solar Energy Market by Product
11.6.8.2 Rest of Latin America Solar Energy Market by Source
11.6.8.3 Rest of Latin America Solar Energy Market by End-Use
12 Company profile
12.1 Hanwha Q Cells Co., Ltd.
12.1.1 Company Overview
12.1.2 Financial
12.1.3 Products/ Services Offered
12.1.4 SWOT Analysis
12.1.5 The SNS View
12.2 jinkoSolar Holding Co., Ltd
12.2.1 Company Overview
12.2.2 Financials
12.2.3 Product/Services Offered
12.2.4 SWOT Analysis
12.2.5 The SNS View
12.3 SolarEdge Technologies
12.3.1 Company Overview
12.3.2 Financials
12.3.3 Product/Services Offered
12.3.4 SWOT Analysis
12.3.5 The SNS View
12.4 Enphase Energy, Inc.
12.4.1 Company Overview
12.4.2 Financials
12.4.3 Product/Services Offered
12.4.4 SWOT Analysis
12.4.5 The SNS View
12.5 Canadian Solar
12.5.1 Company Overview
12.5.2 Financials
12.5.3 Product/Services Offered
12.5.4 SWOT Analysis
12.5.5 The SNS View
12.6 Trina solar
12.6.1 Company Overview
12.6.2 Financials
12.6.3 Product/Services Offered
12.6.4 SWOT Analysis
12.6.5 The SNS View
12.7 First Solar, Inc.
12.7.1 Company Overview
12.7.2 Financials
12.7.3 Product/Services Offered
12.7.4 SWOT Analysis
12.7.5 The SNS View
12.8 SunPower Corporation
12.8.1 Company Overview
12.8.2 Financials
12.8.3 Product/Services Offered
12.8.4 SWOT Analysis
12.8.5 The SNS View
12.9 Vingli Green Energy Holding Company Limited
12.9.1 Company Overview
12.9.2 Financials
12.9.3 Product/Services Offered
12.9.4 SWOT Analysis
12.9.5 The SNS View
12.10 JA Solar Holdings Co. Ltd.
12.10.1 Company Overview
12.10.2 Financials
12.10.3 Product/Services Offered
12.10.4 SWOT Analysis
12.10.5 The SNS View
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share Analysis
13.3 Recent Developments
13.3.1 Industry News
13.3.2 Company News
13.3.3 Mergers & Acquisitions
14. Use Case and Best Practices
15. Conclusion
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